The cryptocurrency industry showed massive price action in October as Bitcoin and major altcoins added significant value to their portfolios. The total market capitalization jumped from $1.05 trillion to $1.26 trillion, a 20% increase in value.
Bitcoin showed significant movement in its price during October. The flagship cryptocurrency added 28.51% in value this month, making it the second most bullish month of the year.
Ethereum price followed in the footsteps of the market leader and showed massive price action during October. The price gained more than 10% in value during the price surge and added around 5% compared to the previous month.
Bitcoin Price Analysis:
He bitcoin price It struggled to break out of its key $28,000 resistance level for a brief period as the bulls consistently failed to gain momentum. Following the market momentum, BTC not only broke its key resistance but also surpassed its main resistance level of $31,000.
The price of Bitcoin managed to reach its $35,000 mark, but for a very short period, the rally was short-lived and the market saw a pullback in its value. Since then, the price has been trading in a consolidated range of $33,409.29 and $35,000 and is expected to retest the upper level this month.
The MACD is showing a steady red histogram for more than a week, indicating a bearish influence on the market. Furthermore, the averages show the possibility of a bullish convergence soon, suggesting that the price will recover in the coming days.
If the bulls push the BTC price above the $35,000 resistance level, the flagship cryptocurrency will regain momentum and will soon attempt to test its overhead resistance of $35,550. Furthermore, if the bulls continue to hold the price at that level, they will prepare to test its resistance level of $36,270 in the coming days.
On the contrary, if the bears dominate the bulls and BTC price breaks the support level of $33,409.29, the price will start trading under bearish influence, causing the price to test its lowest support level. of $30,396.71 this month.
Ethereum Price Analysis:
ETH price traded between $1,539.01 and $1,612.74 for over a week. Following the market momentum, the price gained momentum and broke multiple resistance levels.
Furthermore, the Ethereum price It attempted to break its key resistance at $1,850 but the price was rejected as the bears dominated the purchasing power. Since then, the price has been trading in a consolidated range between $1,745.26 and $1,850.
The MACD has shown a strong red histogram after the market pump. Furthermore, the histogram remained flat for three days, indicating uncertainty in the coin's future price action. However, the averages show a possible bullish convergence, suggesting that ETH price will gain momentum this month.
If the bulls break out of the $1,850 resistance zone, the price will regain momentum and will soon try to test its overhead resistance of $1,940. Furthermore, if the bulls continue to hold the price at that level, it will try to test its $2,000 at the end of the month.
On the other hand, if the bears gain momentum and a trend reversal occurs, ETH price will lose its grip and fall to test its support level of $1,745.26. Furthermore, if the bears continue to dominate the market, Ethereum will see a drop in value and test its lower support level of $1,686.77 in the coming week.
Conclusion:
The cryptocurrency market began trading in November on a strong bullish note, as market sentiment indicates another price increase before the end of the year.
Major cryptocurrencies have managed to break above their respective important resistance levels, highlighting a promising uptrend for these coins in the future.
